Gabelli Funds LLC Sells 70,000 Shares of Kimbell Royalty $KRP

Key Points

• Gabelli Funds reduced its Kimbell Royalty stake by 29.2%, selling 70,000 shares and retaining 170,000 shares valued at approximately $2.46 million. Institutional investors collectively own 25.78% of the company.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $18.00; KeyCorp and Royal Bank of Canada assigned bullish ratings and price targets of $17 and $20, respectively.
• Kimbell Royalty raised its quarterly dividend to $0.41 per share, implying an annualized yield of 11.1%, despite reporting quarterly EPS and revenue below analyst expectations.

Gabelli Funds LLC cut its stake in Kimbell Royalty (NYSE:KRP - Free Report) by 29.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 170,000 shares of the energy company's stock after selling 70,000 shares during the period. Gabelli Funds LLC owned about 0.16% of Kimbell Royalty worth $2,460,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Adage Capital Partners GP L.L.C. grew its position in Kimbell Royalty by 32.1% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,210,948 shares of the energy company's stock valued at $14,241,000 after acquiring an additional 294,482 shares during the period. UBS Group AG lifted its holdings in shares of Kimbell Royalty by 9.4% during the fourth quarter. UBS Group AG now owns 1,009,057 shares of the energy company's stock valued at $11,867,000 after acquiring an additional 86,957 shares during the period. Energy Income Partners LLC boosted its stake in shares of Kimbell Royalty by 12.3% in the 3rd quarter. Energy Income Partners LLC now owns 647,396 shares of the energy company's stock valued at $8,733,000 after purchasing an additional 70,783 shares in the last quarter. Pin Oak Investment Advisors Inc. boosted its position in Kimbell Royalty by 0.9% in the third quarter. Pin Oak Investment Advisors Inc. now owns 618,128 shares of the energy company's stock valued at $8,339,000 after buying an additional 5,213 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Kimbell Royalty by 4.3% during the 3rd quarter. Vanguard Group Inc. now owns 596,903 shares of the energy company's stock worth $8,052,000 after acquiring an additional 24,419 shares during the last quarter. Institutional investors own 25.78% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. KeyCorp upgraded Kimbell Royalty from a "sector weight" rating to an "overweight" rating and set a $17.00 price objective for the company in a research report on Thursday, April 2nd. Weiss Ratings lowered Kimbell Royalty from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, May 14th. Finally, Royal Bank Of Canada initiated coverage on Kimbell Royalty in a research note on Friday, May 29th. They set an "outperform" rating and a $20.00 price objective for the company. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.00.

Kimbell Royalty Stock Up 2.0%

Shares of NYSE KRP opened at $14.79 on Thursday. The stock has a market cap of $1.59 billion, a P/E ratio of 32.15 and a beta of 0.29. The firm has a 50 day moving average price of $14.91 and a 200 day moving average price of $14.44. The company has a debt-to-equity ratio of 0.77, a quick ratio of 5.12 and a current ratio of 5.12. Kimbell Royalty has a 52-week low of $11.31 and a 52-week high of $15.80.

Kimbell Royalty (NYSE:KRP - Get Free Report) last issued its earnings results on Thursday, May 7th. The energy company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.19). The firm had revenue of $65.54 million during the quarter, compared to the consensus estimate of $90.25 million. Kimbell Royalty had a net margin of 22.76% and a return on equity of 11.70%. The firm's revenue for the quarter was down 6.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.20 EPS. Analysts expect that Kimbell Royalty will post 0.81 EPS for the current year.

Kimbell Royalty Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 27th. Stockholders of record on Tuesday, May 19th were issued a dividend of $0.41 per share. This is a boost from Kimbell Royalty's previous quarterly dividend of $0.37. The ex-dividend date was Tuesday, May 19th. This represents a $1.64 annualized dividend and a dividend yield of 11.1%. Kimbell Royalty's dividend payout ratio (DPR) is presently 356.52%.

Kimbell Royalty Profile

Kimbell Royalty Partners LP NYSE: KRP is a mineral and royalty company focused on acquiring and managing oil and natural gas royalty interests in the United States. As a master limited partnership, Kimbell Royalty generates fee-like revenues by collecting royalties and overriding royalty interests on production volumes, without directly bearing the capital or operating costs of drilling and completion activities. The partnership's business model emphasizes steady cash flows and limited downside exposure to commodity price fluctuations.

The company's asset portfolio spans multiple onshore basins, with a core concentration in Texas and New Mexico.

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